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The EU’s Response to the Financial Crisis

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The Palgrave Handbook of EU Crises

Part of the book series: Palgrave Studies in European Union Politics ((PSEUP))

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Abstract

In addressing the EU’s response to the financial crisis, this chapter highlights that the EU has foremost resorted to some form of muddling through by relying on already existing concepts and policy repertoires, while at the same time also creating some new institutional frameworks. Yet, the chapters also show that EU scholars argue that this was no “revolution” in institutional terms, but rather followed some well-known logic of hybrid arrangements that are neither fully supranational nor intergovernmental. Moreover, the chapter brings in critical discussion on the democratic consequences of crisis reactions and institutional changes. In so doing, the chapter draws attention to the possibility that the initial crisis measures have mutated into a form of “emergency Europe” where the “state of exception” becomes part of ordinary policymaking and institutional thinking.

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Notes

  1. 1.

    At the time, the United Kingdom, Sweden, and Denmark, decided not to join the Euro.

  2. 2.

    The original Stability and Growth Pact consisted of one European Council Resolution and two Council regulations.

  3. 3.

    https://www.esm.europa.eu/about-us/history.

  4. 4.

    In this overview of existing research our aim is mainly to highlight different approaches and perspectives on the EU’s response(s) to the financial crisis. It is not exhaustive in the sense that it covers the ground completely, as this would be too big a task for a short chapter. The main tendencies in the literature coming from EU research and political analysis are covered, focusing on policy decisions, institutional developments, and to some lesser degree the ramifications for EU integration writ large.

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Author information

Authors and Affiliations

  1. Oslo Metropolitan University, Oslo, Norway

    Espen D. H. Olsen & Guri Rosén

Authors
  1. Espen D. H. Olsen
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  2. Guri Rosén
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Correspondence to Espen D. H. Olsen .

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Editors and Affiliations

  1. Inland School of Business and Social Sciences, Inland University, Rena and Lillehammer, Norway

    Marianne Riddervold

  2. Inland School of Business and Social Sciences, Inland University, Rena and Lillehammer, Norway

    Jarle Trondal

  3. Department of Political Science and Management, University of Agder, Kristiansand, Norway

    Akasemi Newsome

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Olsen, E.D.H., Rosén, G. (2021). The EU’s Response to the Financial Crisis. In: Riddervold, M., Trondal, J., Newsome, A. (eds) The Palgrave Handbook of EU Crises. Palgrave Studies in European Union Politics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-51791-5_21

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